John Tamny of Forbes
In a speech last month at the venerable Brookings Institution, President Barack Obama laid out a series of objectives meant to stimulate economic activity. As he put it, “Our work is far from done.”
Obama’s proposed economic package includes an elimination of capital gains taxes on small-business investment as well as an extension of business equipment write-offs. Small businesses would be allowed to write off 100% of their capital equipment purchases, while large businesses could deduct 50% of those expenses in the first year.
Somewhat surprisingly, noted tax experts and supply-side thinkers Ernest Christian and Gary Robbins endorsed Obama’s tax pledge in a Wall Street Journal op-ed. They argue that the tax proposals were “the one right thing” in Obama’s address, the cuts being “a proven job-creating machine in the private sector.” Discounting that businesses are decidedly not in business to create jobs– the proposed cuts are at best geared toward a business climate that no longer exists; at worst they are merely subsidies masked as tax cuts.
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